CTEV Iron Condor Strategy
CTEV (Claritev Corporation), in the Healthcare sector, (Medical - Healthcare Information Services industry), listed on NYSE.
Claritev Corporation, together with its subsidiaries, provides data analytics and technology-enabled cost management, payment, and revenue integrity solutions to the healthcare industry in the United States. The company offers analytics-based services that reduce medical costs, through data-driven algorithms and insights that detect claims over-charges and negotiate or recommend reimbursement; and network-based services that provide contracted discounts with healthcare providers, as well as outsourced network development and management services. It provides payment and revenue integrity services, such as identifying and removing improper and unnecessary charges paid during the claim, as well as services to identify and help restore and preserve underpaid premium dollars. In addition, the company offers data and decision science services including a suite of solutions that apply modern methods of data science to produce descriptive, predictive, and prescriptive analytics that drive optimized benefit plan design, support decision-making, improve clinical outcomes, and reduce the total cost of care; and business-to-business healthcare payments and other services. It serves national and regional insurance companies, Blue Cross and Blue Shield plans, provider-sponsored and independent health plans, TPAs, self-insured health plans, property and casualty insurers, bill review companies, and other companies involved in the claim adjudication process. The company was formerly known as MultiPlan Corporation and changed its name to Claritev Corporation in February 2025.
CTEV (Claritev Corporation) trades in the Healthcare sector, specifically Medical - Healthcare Information Services, with a market capitalization of approximately $470.2M, a beta of 0.77 versus the broader market, a 52-week range of 12.04-74.07, average daily share volume of 178K, a public-listing history dating back to 2020, approximately 3K full-time employees. These structural characteristics shape how CTEV stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.77 places CTEV roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline.
What is a iron condor on CTEV?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
Current CTEV snapshot
As of May 15, 2026, spot at $14.34, ATM IV 125.50%, IV rank 19.18%, expected move 35.98%. The iron condor on CTEV below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 217-day expiry.
Why this iron condor structure on CTEV specifically: CTEV IV at 125.50% is on the cheap side of its 1-year range, which means a premium-selling CTEV iron condor collects less credit per unit of strike-width risk, with a market-implied 1-standard-deviation move of approximately 35.98% (roughly $5.16 on the underlying). The 217-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated CTEV expiries trade a higher absolute premium for lower per-day decay. Position sizing on CTEV should anchor to the underlying notional of $14.34 per share and to the trader's directional view on CTEV stock.
CTEV iron condor setup
The CTEV iron condor below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With CTEV near $14.34, the first option leg uses a $15.06 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed CTEV chain at a 217-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 CTEV shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Call | $15.06 | N/A |
| Buy 1 | Call | $15.77 | N/A |
| Sell 1 | Put | $13.62 | N/A |
| Buy 1 | Put | $12.91 | N/A |
CTEV iron condor risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
CTEV iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor on CTEV. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use iron condor on CTEV
Iron condors on CTEV are a delta-neutral premium-collection structure that profits if CTEV stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
CTEV thesis for this iron condor
The market-implied 1-standard-deviation range for CTEV extends from approximately $9.18 on the downside to $19.50 on the upside. A CTEV iron condor is a delta-neutral premium-collection structure that pays off when CTEV stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. Current CTEV IV rank near 19.18% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on CTEV at 125.50%. As a Healthcare name, CTEV options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to CTEV-specific events.
CTEV iron condor positions are structurally neutral / range-bound; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. CTEV positions also carry Healthcare sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move CTEV alongside the broader basket even when CTEV-specific fundamentals are unchanged. Short-premium structures like a iron condor on CTEV carry tail risk when realized volatility exceeds the implied move; review historical CTEV earnings reactions and macro stress periods before sizing. Always rebuild the position from current CTEV chain quotes before placing a trade.
Frequently asked questions
- What is a iron condor on CTEV?
- A iron condor on CTEV is the iron condor strategy applied to CTEV (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. With CTEV stock trading near $14.34, the strikes shown on this page are snapped to the nearest listed CTEV chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are CTEV iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the CTEV iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 125.50%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a CTEV iron condor?
- The breakeven for the CTEV iron condor priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current CTEV market-implied 1-standard-deviation expected move is approximately 35.98%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a iron condor on CTEV?
- Iron condors on CTEV are a delta-neutral premium-collection structure that profits if CTEV stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current CTEV implied volatility affect this iron condor?
- CTEV ATM IV is at 125.50% with IV rank near 19.18%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.